CBN Grants to Help Reduce Unemployment in Nigeria
The Federal Government of Nigeria and the Central Bank of Nigeria have developed a fresh plan to address the nation’s persistent unemployment issues.
How to get CBN N500m Grant: If you want to apply for a grant or loan from the Central Bank and you are in need of one, then you have come to the right spot. This article will make it easier for you to apply for the CBN Grant by providing you with detailed information about the application form and instructions.
Tertiary Institutions Entrepreneurship Scheme (TIES) is a program that was established by the Central Bank of Nigeria (CBN) with the intention of shifting the focus of undergraduates and graduates of Nigerian polytechnics and universities away from looking for white-collar jobs and toward starting their own businesses.
Grants for recent graduates and students have been established by CBN. Additionally, the new registration portal for the CBN N500 million grant has been made available.
Pex Bank has made it abundantly clear that the objective of its Tertiary Institutions Entrepreneurship Scheme – (TIES) is to expand the availability of financial resources for Nigerian graduates of universities and polytechnics, as well as graduates who have creative commercial and technological ideas.
The central bank said that the main objective of creating TIES is to overcome the trend of white-collar job seekers and focus on job creation.
The scheme is designed to create a paradigm shift from a “white-collar” job search culture in an entrepreneurial culture to economic growth and job creation between undergraduates and graduates, “said CBN.
For grants, CBN will allocate funds. One of the top 5 3rd best distribution organizations.
CBN said: “The top five polytechnics and universities in Nigeria with the best entrepreneurial trends / ideas will be awarded first place: N150 m; second place N120 m; third place N80 m; fourth place N80 m and fifth place. Location – N50m “,
Apex Bank has made the announcement that it will establish a private and public sector expert organization (BoE) for two-year regional and national entrepreneurship competitions. The purpose of these competitions is to evaluate the innovative business opportunities and technological advancements presented by Nigerian polytechnics and universities. The BoE will make recommendations regarding projects with a high potential. as well as the influence that each factor had on the decision to award the grant.
Key highlights of the guideline / CBN Introduces N500m Grants for Graduates
Projects funded under the scheme will be monitored by independent monitors set up jointly by CBN and MFIs.
This scheme will run for the first time (no later than 31 December 2031) in 10 years, depending on the complexity of the project.
Repayment of interest and principal must be made on a monthly or quarterly basis according to a set cash flow cycle and according to an approved repayment schedule.
Eligibility Criteria / CBN presents N500m grant to graduates
Applicants under the scheme will be graduates of Nigeria Polytechnics and Universities:
i. First-degree certificate (BSc/HND/ or it is equivalent);
ii. National Youth Service Certificate (NYSC) discharge or exemption certificate;
iii. Certificate of Participation issued by polytechnics and universities evidencing entrepreneurship training; and
iv. Not more than 7 years post-NYSC
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How to Apply for CBN N500m Grants for Graduates
If you want to apply, then only use the official website of the bank.
Step 1: First visit to the official portal: https://cbnties.com.ng/
Step 2: Read the guidelines for Tertiary Institutions Entrepreneurship Scheme (TIES)
Step 3: Click on Proceed button
Step 3: Select Loan Type: (Either Tier 1 – Sole Proprietorship or Tier 2 – Small Company /Enterprise)
Step: 4: Enter NYSC Callup Number / NYSC request might take a minute to go through
Step 5: Fill NYSC Certificate Number, Year Of NYSC Certificate, Year of Graduation
Step 6 : Fill Personal details and click on validate
Step 7: Submit form
Veriy your email and login with your valid credentials
Fill CBN Grant Form and submit
Introduce a currency that can be used as legal money in Nigeria. It is important to keep certain reserves outside the country in order to guard the international worth of the currency that was legally obtained. Encourage the development of a robust economic infrastructure in Nigeria; and Perform the duties of a banker and offer the Federal Government recommendations regarding economic and financial matters.
The interest rate on the loan will be five percent per year from now until February 2022, and then it will increase to nine percent beginning March 1, 2022. After a period of 12 months, it is anticipated that companies will initiate repayment, at which point the payments will be finished. finish within the next five years.
The nation’s central bank is the highest-ranking bank in the country and exercises authority over the whole banking system. When governments face any kind of liquidity problem or financial crisis, central banks step in to lend them money. When it comes to lending money to governments against any kind of collateral, the last resort is the nation’s central bank.
CBNs don’t typically fund individuals, so you’ll need to have a business or company registered — with the Board of Directors of Corporate Affairs (CAC). You must be a customer of an eligible financial institution such as PFI.